Chartered Accountants Act, 1949- Chapter VII-A- Quality Review Board

[i][Chapter VII-A

QUALITY REVIEW BOARD

28-A. Establishment of Quality Review Board.

28-A. Establishment of Quality Review Board.—(1) The Central Government shall, by notification, constitute a Quality Review Board consisting of a Chairperson and ten other members.

(2) The Chairperson and members of the Board shall be appointed from amongst the persons of eminence having experience in the field of law, economics, business, finance or accountancy.

(3) Five members of the Board shall be nominated by the Council and other five members shall be nominated by the Central Government.]

28-B. Functions of Board.

[ii][28-B. Functions of Board.—The Board shall perform the following functions, namely:—

(a) to make recommendations to the Council with regard to the quality of services provided by the members of the Institute;

(b) to review the quality of services provided by the members of the Institute including audit services; and

(c) to guide the members of the Institute to improve the quality of services and adherence to the various statutory and other regulatory requirements.]

28-C. Procedure of Board.

[iii][28-C. Procedure of Board.—The Board shall meet at such time and place and follow in its meetings such procedure as may be specified.]

28-D. Terms and conditions of services of Chairperson and members of Board and its expenditure.

[iv][28-D. Terms and conditions of services of Chairperson and members of Board and its expenditure.—(1) The terms and conditions of service of the Chairperson and the members of the Board, and their allowances shall be such as may be specified.

(2) The expenditure of the Board shall be borne by the Council.]

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